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Production update May 2008

The average production in May 2008, compared to the average production in April 2008, was:
Production*              May 2008                  April 2008
Peru                          2'710                         2'862 
Colombia                  1'619                         1'655 
Total                          4'329                        4'517 
*The production is average daily production (bopd) and is working interest before royalty
The decline in April and May is mainly due to shut in of wells undergoing the enhanced oil recovery work.
Oil has been sold at average record sales price of USD 119.67 in Peru and USD 117.18 in Colombia per barrel during May, to be compared with the average price during Q1 2008 of USD 92.80 in Peru and USD 90.20 in Colombia.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America and West-Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 200 people and is headquartered in Oslo.

Interoil Main Office:
c/o Advokatfirmaet Schjødt AS
Ruseløkkveien 14
NO-0251 Oslo, Norway

Phone: (+47) 67 51 86 50
Fax: (+47) 67 51 86 60

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